Central and South America's combined hotel development pipeline comprises 384 hotels totaling 62,958 new rooms.
Central and South America's hotel development pipeline comprised of 390 hotels totaling 63,780 rooms.
On five acres on Miami's Bal Harbour beach, Argentinian developer Eduardo Constantini's is bulding a 28-floor glass tower which will be part art installation, part residential development. Oceana Bal Harbour will feature two Jeff Koons art pieces worth $14 million.
The supply of new office buildings completed in Buenos Aires during the first six months of 2013 was five times higher than the amount delivered in the same period of 2012, reaching production levels not seen since the market's peak in 2010.
Property sales in Argentina dropped 44.7 percent in June from the same period a year ago, as the market wrestled with new currency regulations. The June sales of 2,632 homes amounted to $1.5 billion. 37.2 percent lower than the same time last year.
Foreign cash buyers are finding deals in Buenos Aires, where prices for luxury apartments are down 20 percent to 25 percent from a year ago. But there is a catch. Argentina's wildly fluctuating currency and new monetary restrictions make it difficult to close deals,
The Melo Group of Argentina has purchased land in downtown Miami, across the street from the site where the Genting Group wants to build casino and hotel property.
Argentina. Land of gauchos and pampas. Beef and Buenos Aires. Volcanoes and vineyards. Mountain villages and cosmopolitan cities. And a food-and-wine culture that's world-class. Everywhere you go in this country, you'll smell the aromas of wonderful regional and national dishes, and sophisticated wines that are now enjoyed all over the world. Argentina is, literally, "Foodie Heaven!"
One thing Argentines will be looking to put far behind them as the New Year begins is last year's real estate sector performance. According to a recent report, real estate activity in 2012 fell approximately 40%, making it one of the sector's worst performing years in the country in a decade. For transactions related to properties already on the market, activity plummeted nearly 80%.
Sitting at the southern tip of Chile and Argentina, the Patagonia region is truly one of the last frontiers...populated mainly by small tribal communities, hardy fishing villages, and an incredible diversity of wildlife and wonders that will literally take your breath away.
In addition to creating the world's first international hotel chain, one of the great accomplishments of Hilton Hotels founder Conrad Hilton was to lead his hotel properties through many periods of great economic difficulty. Building on its international presence and history of making investments despite difficult macroeconomic circumstances, it was announced that the Hilton will build its fifth hotel in Argentina.
Jorge Luis Borges, one of Argentina's most famous writers, memorably said that "reality is not always probable, or likely." For an interesting example of how improbable the reality of real estate markets can be, one needs look no further than Palermo Nuevo, a small residential area in Buenos Aires.
On top of the generally weakening nature of the Uruguay economy and the decision of the Uruguay Central Bank to attempt to fend off inflation by increasing the reference interest rate to 9 percent, the real estate market is facing a major uphill battle as the beginning of the southern hemisphere summer season approaches.
The Argentine real estate market has witnessed stunning growth over the last decade. According to the "2001-2012 Relevamiento de Mercado Inmobiliario en la Ciudad de Buenos Aires" (Overview of the Buenos Aires Real Estate Market 2001-2012) prepared by the Urban Development Ministry of Buenos Aires, the price of land between March 2002 and December 2011 increased from US $272 to US $1,680.2 per square meter.
These are hard times for investors in Argentina. An upcoming steep recession is forecast for South America's second largest economy. But land sales are flourishing as Argentines line up to buy hard assets to protect the value of their wealth. That's the most recent observation posted on the Nasdaq.com News website.